I'm hearing of some good things still coming down the pipe.

JB

Mid-level Olympus employees in the imaging business, which includes digital cameras, also have a ray of hope that the parent company will change. They are hoping that, after the carve-out, they will be able to allocate sufficient resources under JIP. On the other hand, it has not been decided whether all the personnel in the imaging business will be transferred.

For example, Hiroyuki Sasa, former president of Olympus, used to say, “The technology of the imaging business can be used for our mainstay endoscope technology”. In fact, it is reported that Olympus transferred personnel from the imaging business to other divisions, such as the administrative department at headquarters several years ago. The purpose of this move was not only to improve the loss-making nature of the imaging business, but also to transfer the know-how of the imaging business to the medical equipment business.

In other words, the imaging business is an important part of Olympus’ medical equipment business. In fact, JIP is also concerned that it will not be able to acquire excellent human resources along with the acquisition. “One of the problems with carve-outs from large companies is that R&D personnel do not follow the carve-out destination. We are negotiating with Olympus on this matter,” said Mr. Inagaki.

On the other hand, an analyst familiar with the digital camera industry is sceptical about the carve-out. “Similar to VAIO, sales of 20 billion yen and operating profit of 700-800 million yen can be achieved by cutting costs even if it”s not JPI,”. He added: “The problem is expanding business and entering new fields. The digital camera market can only survive with products for professionals and high amateurs. In this environment, it is unlikely that professional and amateur photographers will actively purchase micro four thirds cameras. In addition, if they cut costs to achieve the same level of performance as VAIO, they won’t be able to maintain the production scale needed for surveillance cameras and other products for business use” he said.

In fact, some believe that Panasonic, which has adopted the Micro Four Thirds format, has failed to enough differentiate itself from smartphones and has therefore begun to focus on full-size cameras. Although it may be possible to break the ties of large companies, it is extremely difficult to grow the imaging business of Olympus into a business that can grow its core activities and achieve profit growth every year like VAIO.

Will JIP’s carve-out of the Olympus imaging business repeat the success of VAIO? All eyes will be on JIP’s skills.

https://www.43rumors.com/jip-press-text-translated-by-mistral/

Olympus staff made redundant in UK today, some already gone in France and more to come across Europe in coming weeks. Around 2/3 of workforce lost their roles in UK today.

From 43rumors.

From my source can confirm that company is in total demise mode.

So there are some news:

https://www.olympus-global.com/ir/data/announcement/2020/contents/ir00018.pdf

Strangely enough Olympus will retain 5 % of the company shares after the sale to JIP in January 2021.

Signing of Definitive Agreement for Divestiture of Imaging Business

Olympus Corporation ("Olympus") hereby announces that its Board of Directors has resolved today to (i) succeed Olympus’ imaging business through an absorption-type split ("Company Split") to a wholly-owned subsidiary ("New Imaging Company")to be newly established by Olympus; and (ii) transfer 95% shares of the New Imaging Company ("Share Transfer"; and the Company Split and the Share Transfer, collectively, “Transaction”) to OJ Holdings, Ltd., a special purpose company established by Japan Industrial Partners, Inc. ("JIP").

The Share Transfer is subject to certain conditions including JIP’s obtainment of approval(s) from relevant authorities pursuant to the competition laws of Japan and other relevant jurisdictions.

1. Background and Purpose of the Transaction

As announced in the "Signing of Memorandum of Understanding for Divestiture of Imaging Business" dated June 24, 2020, since commencing manufacture and sales of cameras using the photographic lens "Zuiko" in 1936, Olympus has operated its imaging business based on innovative technology and unique product development capabilities, aiming to enrich the lifestyle of the people in the world. However, in recent years the market has shrunk rapidly due to the rise of smartphones causing a difficult situation for the digital camera market. Olympus has improved its cost structure by restructuring its manufacturing bases and focusing on highvalue-added interchangeable lenses, aiming to rectify the earning structure. Despite all such efforts, the imaging business recorded operating losses for three consecutive fiscal years up to the fiscal year ended March 2020.

Under such circumstances, Olympus consider that, by carving-out the imaging business and operating the business under JIP, its business structure may become more compact, efficient, and agile, and it is the most appropriate way to realize self-sustainable and continuous growth. As such, the Memorandum of Understanding was entered into between JIP on June 24, 2020, and based on subsequent negotiation, a legally-binding definitive agreement has been executed as of today.

The scope of the Transaction is the global imaging business. After the carve-out and transfer of the imaging business to JIP, the New Imaging Company will maintain its restructured R&D and manufacturing structure and continue to provide high-quality, highly reliable products. The New Imaging Company will start operations from January 1, 2021 and continue to provide customer support for the Olympus products as well.

New company name - OM Digital Solutions Co., Ltd.

The representative director of the new video company OM Digital Solutions Co., Ltd. is Mr. Shigemi Sugimoto, who is currently the Imaging Division Head (Director in charge of the video business) at Olympus Corporation.

The production of high quality lenses in Nagano will stop and be outsourced

• JIP expects annual sales of 25-30 billion yen (last years sales were 43.6 billion yen), fantastic
  • present year sales will be around 12 billion yens is they do some superb trick (6-8 otherwise)
• In the medium term cameras will still be produced at the Olympus factory in Vietnam
• JIP will continue to develop new MFT products and focus on the Micro Four Thirds system
• JIP will also seek new businesses that utilize technology for the growth of the new company.

As far as my source goes - JIP will fully kill Olympus m43 cameras and lenses. It does not mean that they won't sell remains and new old stock for months to come (at least mid 2021).

They already killed lenses as I said, camera will follow during slow season.

Photolari had a chat with Olympus Europe manager Albert Marti:

• OM Digital will still use the “Olympus” name
• Olympus will focus (read - sell previously produced batches) on medium and high range cameras
• The purchase includes the Olympus factories as well as its repair centers, including the technical service in Coimbra (Portugal) that deals with a large part of the products in Europe.

Previous managers made all this with fraction of money current had:

Present just fucked all and everything focusing on their own personal life and consumption, talking mostly only with ambassadors and representatives who liked their ass, despite all the smiles and usual Japanese nice approach.

I have some bad news from Olympus in Japan. Olympus has plazas and service stations in four cities (Tokyo, Osaka, Fukuoka, Sapporo) in Japan. Half of them are being closed. Yesterday, Olympus announced that the plazas and service stations in Osaka and Sapporo will be completely closed in December. Also, the service station in Fukuoka will move to somewhere else. Also, the service center and plaza in Tokyo, which is using two floors in a building, will be reduced to a single floor.

https://www.olympus.co.jp/news/2020/an01868.html

Remember that servicing and replacement parts will be unavailable for most models in less than 7-9 months time.

If you want to get Olympus camera - get one spare or used one.

The official GetOlympus US page announced that it will resume operation on January 4.

Rumor is that retailers asked for this to help them sale last remaining batches during hot season.

OM Digital Solutions contacted many if not all vivid Olympus supporters asking to help them during dismounting period and promising nice bonuses and gear as some of them report privately. Most of them are in very uncomfortable situation as they can't find new brands, all places for internet influencers are long time taken.

Reviews and assurances must help OM to sell all remaining stock and keep factory working at least 6 months before main big cuts will come (as they have huge stock of parts available due to COVID sales drop).

During last two months Olympus bodies sales are quite good (compared to start of the year, not previous years), lenses not so much. Company is still extremely far from profits are is burning millions of dollars each month.

To our Olympus Community,

It’s certainly been a year like no other. At Olympus, we’re thankful every day to be able to provide products, education, and inspiration that resonates with artists and professionals alike. Even in this year of hardships, you’re still engaging, creating and taking us along for the ride.

Thank you to our customers and our team who helped us navigate these uncharted times. To reaffirm our commitment to you, we’d like to announce our newest chapter. Effective January 1, the consumer products division of Olympus is now OM Digital Solutions Corporation. OM Digital Solutions will retain our leadership and capabilities in Research and Development, Production, Sales, and Marketing. You can feel confident that we’ll continue to support the imaging and audio products previously manufactured and sold by Olympus, as well as you and your creative endeavors.

I’m excited about the prospects for 2021, and I’m especially thankful for your patronage and loyalty.

Wishing you cheer and inspiration for the new year, from our family to yours.

Expect new cuts in service and more quite soon.